60 percent of businesses believe it is harder to source talent for data and analytics positions than for any other roles

The quote “60 percent of businesses believe it is harder to source talent for data and analytics positions than for any other roles” is accurate and reflects a growing challenge in the industry. This statistic comes from a McKinsey study that highlights the increasing difficulty companies face when trying to hire talent with data and analytics expertise. The demand for professionals who can manage, analyze, and leverage data is surging, but the supply of such talent is not keeping pace, making these roles harder to fill compared to others​.

This issue is significant because businesses are increasingly relying on data-driven decision-making to gain competitive advantages, optimize operations, and create new revenue streams. Without the necessary talent, companies struggle to fully utilize their data and may fall behind their competitors.

A fractional data team could be an ideal solution to this problem. Fractional data teams provide access to specialized, on-demand data experts without the need for full-time hires. This approach offers flexibility and scalability, allowing businesses to tap into top-tier talent when needed, while also reducing overhead costs. Fractional teams can quickly bridge the talent gap, enabling companies to continue their data initiatives without the delays or challenges associated with hiring full-time personnel​

• 29 percent of investment professionals use expert networks to derive data.
• 50 percent of businesses say data and analytics significantly impacted new entrants launching data and analytics businesses that undermine traditional competitors’ value propositions.
• People generate 2.5 quintillion bytes of data each day.
• The worldwide big data market is projected to grow from $42 billion in 2018 to $103 billion in 2027.
• 79 percent of enterprise executives say that not embracing big data will cause companies to lose competitive position and risk extinction.
• 59 percent of executives say big data at their company would be improved through artificial intelligence (AI).
• 95 percent of businesses need to manage unstructured data.
• 98 percent of sales representatives at construction companies that adopt analytics and geographic data reported dramatic decreases in their time frame for providing price quotes.
• The education vertical currently has the lowest adoption of big data among vertical industries, but educators are most likely to say they may use big data in the future.
• The big data software market was worth $31 billion in 2018, growing 14 percent from the year before.